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☆ Hyundai Motor is considering selling its Russia plant - media report
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Oct 18 (Reuters) - South Korea's Hyundai Motor (005380.KS) is considering options for its suspended Russia operations that could include selling its manufacturing plant there, South Korean media reported on Tuesday. Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow sent armed forces into Ukraine on Feb. 24. Hyundai Motor recently submitted to management a report analysing its future prospects in Russia due to the difficult operating environment, Dong-a Ilbo newspaper said, citing an unidentified auto industry source. Register now for FREE unlimited access to Reuters.com RegisterHyundai Motor was not immediately available for comment when contacted by Reuters. Hyundai Motor suspended operations at its Russian factory in March and a regulatory filing from the company showed it sold no cars in the country in August and September.

☆ Hyundai Motor is considering sale of its Russia plant - media report
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 18 (Reuters) - South Korea's Hyundai Motor (005380.KS) is considering a decision on its Russia operations that could include selling its manufacturing plant there, a local media reported on Tuesday. Hyundai Motor recently submitted to management a report analysing the situation and future prospects in Russia, Dong-a Ilbo newspaper said, citing an unidentified auto industry source. The newspaper said Hyundai's report includes the company's analyses of the scenarios and impact of the sale of the Russia plant, citing the difficult environment to conduct normal financial activities. Register now for FREE unlimited access to Reuters.com RegisterHyundai Motor was not immediately available for comment when contacted by Reuters. Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow sent armed forces into Ukraine on Feb. 24.

☆ Hyundai to break ground on $5.5 billion Georgia plant this month
▼ + stars: | 2022-10-14 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 14 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) said Friday it will break ground this month on a $5.5 billion electric vehicle and battery plant in the United States. Hyundai plans to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The groundbreaking comes amid anger from Korea and the European Union over U.S. electric vehicle tax policy. The law made about 70% of EVs immediately ineligible for the tax credits of up to $7,500 per vehicle. Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), South Korea said earlier this month.

In August, authorities accused Alexander City, Alabama-based SL Alabama in federal court of violating child labor laws. The action against SL Alabama, which supplies lights and mirrors for Hyundai and Kia assembly plants in the U.S. South, came following a July Reuters article that documented child labor practices at another auto parts supplier in the state, Hyundai-owned SMART Alabama LLC. SL Alabama agreed to implement new monitoring and training programs, the federal regulator said. "Our investigation found SL Alabama engaged in oppressive child labor," said Kenneth Stripling, DOL's Wage and Hours Division Director in Birmingham, Alabama, in the statement. Regulators said plant operators are accountable for child labor violations even when unauthorized employees are brought in by third-party recruiting firms.

Register now for FREE unlimited access to Reuters.com RegisterU.S. Vice President Kamala Harris speaks as she holds a bilateral meeting with Australia’s Prime Minister Anthony Albanese (not pictured) in Tokyo, Japan, September 27, 2022. REUTERS/Leah Millis/PoolTOKYO/SEOUL, Sept 27 (Reuters) - U.S. Vice President Kamala Harris told South Korea's prime minister on Tuesday that Washington will work to address Seoul's concerns over recently enacted electric vehicle (EV) subsidies that could disadvantage Asian automakers. Among the law's provisions are requirements that EVs be assembled in North America to qualify for tax credits. read more"The Vice President and Prime Minister discussed our shared work to address the climate crisis, including the historic investments made in clean energy under the Inflation Reduction Act," the White House added. Cars are South Korea's third-largest export.

☆ U.S. and S.Korea exchange 'frank views' on vehicle credits, network fees
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

The logo of Kia Corp is seen on a steering wheel of its electric vehicle EV6 during a photo opportunity in Seoul, South Korea, June 1, 2021. Register now for FREE unlimited access to Reuters.com RegisterIn South Korea, there is a legislative push to make the likes of Netflix (NFLX.O) and Alphabet's Google (GOOGL.O) pay local network fees. While the readout from the U.S. Commerce Department said Secretary Gina Raimondo and South Korea's Lee Chang-yang reaffirmed the importance of the bilateral economic relationship, it also hinted at tensions. The pair "exchanged frank views on U.S. concerns about South Korea's pending legislation to impose network usage fees on foreign content providers and South Korea's concerns relating to electric vehicle tax credits," it said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Costas Pitas in Los Angeles; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Yoon asks Biden to resolve South Korea's concerns over Inflation Reduction Act -Yonhap
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterU.S. President Joe Biden arrives at Osan Air Base for travel to Japan, in Pyeongtaek, South Korea, May 22, 2022. REUTERS/Kim Hong-Ji/Pool/File PhotoSEOUL, Sept 22 (Reuters) - South Korean President Yoon Suk-yeol has asked his U.S. counterpart Joe Biden to resolve Seoul's concerns over the recently passed U.S. Inflation Reduction Act, Yonhap news agency reported on Thursday. The law eliminates federal tax credits for electric vehicles made outside North America, meaning companies including Hyundai (005380.KS) and its affiliate Kia Corp (000270.KS) will no longer be eligible for such subsidies. Register now for FREE unlimited access to Reuters.com RegisterReporting by Soo-hyang Choi; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. theft claims soar for Hyundai, Kia vehicles, non-profit group says
▼ + stars: | 2022-09-22 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Hyundai vehicles are lined up in the company's presentation area during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017. REUTERS/Mark Blinch/File PhotoWASHINGTON, Sept 21 (Reuters) - U.S. theft claims were nearly twice as common for Hyundai Motor (005380.KS) and Kia Corp (000270.KS) vehicles compared with all other manufacturers among 2015 through 2019 model-year vehicles, a non-profit group said Thursday. Hyundai said engine immobilizers became standard on all vehicles produced after Nov. 1, 2021, while Kia said it added immobilizers in all vehicles during the 2022 model year. The majority of Kia vehicles in the United States are equipped with a key fob and 'push-button-to-start' system, making them more difficult to steal." But they were standard on only 26% of 2015 model year Hyundai and Kia vehicles, it said.

☆ Electric vehicles row overshadows S.Korean president's first U.S. visit
▼ + stars: | 2022-09-20 | by ( Hyonhee Shin | ) www.reuters.com time to read: +5 min

He will fly to Canada on Thursday for the last leg of his trip before returning home on Saturday. Seoul officials have asked Washington to postpone the new rules until Hyundai completes building its Georgia factory in 2025. A number of high-level South Korean officials have been mobilised in recent weeks to relay concerns to their U.S. counterparts and press for exemptions, though solutions are far from clear. Trade Minister Lee Chang-yang will travel to the United States this week to discuss the IRA, the ministry said on Tuesday. However, the South Korean government is focusing on bilateral dialogue for now, he said, when answering a lawmaker's question in parliament.

☆ Kia Corp to produce electric vehicles in the U.S. from 2024 - reports
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Kia Corp is seen on its electric vehicle EV6 during a photo opportunity in Seoul, South Korea, June 1, 2021. REUTERS/Kim Hong-JiSEOUL, Sept 20 (Reuters) - Kia Corp (000270.KS) is expected to produce electric vehicles in the United States from 2024, South Korean media Maeil Business Newspaper and TV channel SBS reported on Tuesday, citing an unidentified auto industry source. Kia Corp was not immediately available for comment when contacted by Reuters. The Inflation Reduction Act signed into law by U.S. President Joe Biden last month excludes Hyundai Motor Co (005380.KS) and its affiliate Kia Corp from federal tax credits because they don't yet make EVs in North America, knocking their EV ambitions in the short term at least. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Heekyong Yang and Joyce Lee; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Row over EV subsidy rules overshadows S.Korean president's first U.S. visit
▼ + stars: | 2022-09-19 | by ( Hyonhee Shin | ) www.reuters.com time to read: +4 min

The KIA logo is seen on the new KIA Niro during a press day at the 2021 Seoul Mobility Show in Goyang, South Korea, November 25, 2021. Yoon, who was in London for the funeral of Britain's Queen Elizabeth, departed for New York late on Monday to attend the U.N. General Assembly. He will fly to Canada on Thursday for the last leg of his trip before returning home on Saturday. A number of high-level South Korean officials have been mobilised in recent weeks to relay concerns to their U.S. counterparts and press for exemptions, though solutions are far from clear. Yoon has also been struggling to make headway on other key diplomatic and security issues such as improving relations with Japan and enticing North Korea back to denuclearisation talks.

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